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[energybuyer]

Oil prices may have already bottomed in 2023, says RBC
Analysts at RBC Capital Markets are eyeing an "unequivocally bullish" Chinese reopening
Jeff Lagerquist
Jeff Lagerquist
Mon, January 30, 2023 at 12:37 PM EST
A staff member refuels a vehicle at a gas station in Qingzhou, east China's Shandong Province, Jan. 3, 2023. China will raise the retail prices of gasoline and diesel from Wednesday, based on the recent rise in international oil prices. Gasoline and diesel prices will be up by 250 yuan about 36 U.S. dollars per tonne and 240 yuan per tonne, respectively, the National Development and Reform Commission said in a Tuesday statement. (Photo by Wang Jilin/Xinhua via Getty Images)
RBC says investors should watch prices for industrial metals as a leading indicator for rising Chinese oil demand. (Photo by Wang Jilin/Xinhua via Getty Images)
Oil may have already bottomed for 2023, less than a month into the year. That's according to analysts at RBC Capital Markets eyeing an "unequivocally bullish" Chinese reopening among factors that will see North American benchmark prices average US$92 per barrel.